Clifford Chance on solar energy financing in Dominican Republic
Clifford Chance has advised FMO, the Dutch Business Development Bank, CIFI and the CIFI Sustainable Infrastructure Debt Fund, as lenders, on the partial refinancing of Phase I and Phase II financing of the Monte Plata solar farm project in the Dominican Republic developed by MPC Caribbean Clean Energy Fund LLC.
Upon completion of Phase II, the Monte Plata solar farm will expand its installed solar PV capacity to 75 MW. The expanded facility is expected to begin commercial operation in the fourth quarter of 2024, marking a step forward in the region’s transition to clean energy.
Lead partner Jessica Springsteen said the project “will contribute to the growth of solar energy production in the Dominican Republic and support the country’s sustainable development goals”. Senior associate Alan Sakar added: “As the largest project of its kind in the Caribbean when it first became operational in 2016, the Monte Plata solar park continues to set the standard for renewable energy in the region.”
Clifford Chance’s team was led by partner Jessica Springsteen (pictured), with support from senior associate Alan Sakar, counsel Alberto Haito, associate Nicholas Johnson and special legal consultant Pedro Buchanan.
